BASF Reports Decline in Net Income on Higher Sales

BASF says it made a “solid start” to 2012, although the company’s first-quarter 2012 net profit declined 28.5%, to €1.7 billion ($2.3 billion). BASF cites a much higher tax rate in Germany this year—39.6% compared with 24.7% in 2011—and the sale of shares in K+S (Kassel, Germany) last year, which was “nearly tax free,” as the main reasons for the decline. BASF’s first-quarter sales rose 6%, to €20.6 billion. “Increased raw material costs could not be fully passed on in all business areas, which put...

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